Yes, I know, that is a given, but aside from that, the man clearly has zero understanding of how economics works and how corporations functions.

Republican Senator Arlen Specter said the U.S. Congress should consider taxing the “windfall profits” reaped by oil companies as a result of surging crude oil prices……………..

……………. Specter, of Pennsylvania, earlier this month introduced legislation to strengthen antitrust enforcement of the oil and natural gas industry to counter the consolidation of production and refining operations. Democratic Senator Byron Dorgan of North Dakota is proposing a 50 percent excise tax on profits from oil sold at more than $40 a barrel.

“Windfall profits, eliminating the antitrust exemption, considering the excessive concentration of power are all items we ought to be addressing,” Specter said today on CNN’s “Late Edition” program. “Anybody up for election this year ought to be working very hard, taking it very seriously.”

http://www.bloomberg.com/apps/news?pid=10000103&sid=axsSLmjPMsdg&refer=us

Personally, I do think the oil companies are screwing us, but this idea of a Windfall Profits Tax is beyond assinine. All they will do is pass the cost of the tax off on the consumer and if by the other extreme they were to artificially lower prices down to the $40 a barrell price to avoid the 50% Windfall Profits tax we would have mass gas shortages that will make the 1970s look like a picnic in the park.

It’s great to know that we have Republicans like Snarlin’ Arlen looking out for the good of the people.